Event Tech & Business

Event Budgeting: The Ultimate Guide for Event Marketers

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Creating a sound event budget is more important than ever before as more money is being invested into the event space.

Before diving into the components of the event budgeting and getting neck deep in vendor research, certain best practices should be kept in mind. Here are some tips to boost your event budgeting process.

 

1) Establish Your Goals


The main purpose of an event budget should not be to solely keep tabs on spending. Rather, the purpose should be to help the organizer properly allocate funds to the event elements that are of most value. By stating how much you will spend on each component, the budget becomes a reflection of what parts of the event are most important to you.

 

 

2) Every Detail Matters

When it comes to an event budgeting, there is no such thing as being too detailed. Every piece of information relevant to that particular budget item should be included in a “description” section within the budget plan. This will help when having to make a decision down the line as well as future event planners who refer to your budget plan.

 

3) Overcommunicate with Stakeholders

When it comes to financial planning, all relevant stakeholders should always be on the same page. Internally, this means communicating key budget information with the team members who are in charge of financial oversight of the event. For example, if there’s been a budget cut on venue expenses and the person in charge of venue sourcing is unaware, you may end up securing a space you can’t afford.

 

4) Stay Aware of the Latest Event Trends

Effective budgeting doesn’t only consist of finding the best deals. It also means knowing what to spend money on. The best way to properly allocate your funds is to be aware of event industry trends and understand what will be good investments for your event overall. Similarly, being knowledgeable of event trends will let you know which solutions are no longer as effective as they were in the past.